Notwithstanding the provisions of Sections 3-42-020(b) and (d), and 3-42-040 of this chapter, the comptroller may provide by regulation that the tax imposed by this chapter shall, in the alternative, be collected by means of the issuance and sale of a single tax stamp to be prepared jointly with either or both the Department of Revenue of the State of Illinois and the Department of Revenue of Cook County, evidencing the payment of the tax imposed by this chapter. Toward that end, the comptroller may make such arrangements and agreements with the Department of Revenue of the State of Illinois and the Department of Revenue of Cook County as may be required with respect to the method of acquiring, affixing and canceling and the manner of sharing the cost of such joint single tax stamps, and may establish procedures for payment of that portion of the tax revenue collected by or for the Department of Revenue of the State of Illinois and the Department of Revenue of Cook County due and payable to the City of Chicago, in furtherance of the purposes of this chapter. In the event such alternative method as herein provided is utilized, no other method of collecting said tax may be used; however, all other applicable provisions of this chapter shall nevertheless remain in full force and effect.
(Added Coun. J. 12-9-92, p. 25465; Amend Coun. J. 5-4-94, p. 49311; Amend Coun. J. 12-14-05, p. 66648, § 1; Amend Coun. J. 11-16-11, p. 13798, Art. I, § 3)